Adviser Voice: How to enhance your ability to progress through change - Michelle Gibbings

Technology is changing all aspects of how we work and live, with the inevitable result being rapid change in the workplace.

So what do you need to do to be prepared? Find out by reading the full article on the AdviserVoice website.

The financial advice community has experienced constant regulatory change over the last decade, and it is now facing a wave of technology driven change.

Technology is changing all aspects of how we work and live, with the inevitable result being rapid change in the workplace.

This pace and quantum of change is so great that the World Economic Forum has called it the fourth industrial revolution.

So what do you need to do to be prepared?

Start from the inside out

It’s much easier for a person to sit back and identify how team members or colleagues need to change, than to identify what may need to change in them. To effectively lead change and make it stick, leaders need to firstly understand themselves and then be open to shifting their mindset, operating style and behaviour to suit the context of the change.

Be alert to bias

Bias pervades decision making, and most of it happens at the sub-conscious level. This is because people don’t make decisions on facts alone.  They make decisions on hunches, feelings and gut reactions.  This is because brain discards information that doesn’t fit with its world view.  It takes short cuts when it makes decisions, and it can be easily influenced.  In times of change you need to be alert to the bias that can negatively impact your decision making.

Encourage a growth mindset

A person’s mindset impacts how a change is initiated, implemented and sustained.

The renowned Stanford academic, Carol Dweck, coined the terms – fixed and growth mindset. People who have a fixed mindset see intelligence as static – a fixed trait.   Consequently, they want to always look smart and have all the answers. They believe that success is based on talent alone – not work. They ignore feedback and struggle to cope when things don’t go to plan.

In contrast, people with a growth mindset believe that intelligence can be developed through effort. They are therefore more eager to embrace learning, take on challenges and persist, despite setbacks.   They love learning, often display higher resilience, and are more willing to learn from others and receive feedback.

Having a growth mindset, helps you to more effectively cope and thrive through change.

Roll with it

With change comes challenge, and obstacles and roadblocks. It’s important to manage your energy levels during change and to have the internal resilience to roll with the ups and downs of change.

It can help if you also work to:

  • Eliminate the friction in the system that makes the change harder than it needs to be. This may involve removing bureaucratic processes and unnecessary activities
  • Be clear about what you can change and can’t change with respect to the change. Don’t waste your energy on things you can’t change
  • Understand how you and those around you are reacting to the change and what you can do to provide support
  • Celebrate progress in a way that is meaningful to team members and stakeholders and keep progress visible

The future is filled with change. With change comes opportunity. The question for the financial advisor is how ready they are to step into that opportunity.